All Forum Posts by: Wilhelm J. Lieto

@Matt K. the corvette is just a luxury for me. I have two vehicles, so I can afford to sell it. But thank you for your advice! 

thank you, I'll check it out. What is a 1031 exchange?

I have recently been told by someone I know really well, that you cannot use a home equity loan to purchase real estate or use it as a down payment either. However I heard you can form other sources, so maybe this varies from state to state, or I've been told wrong.

Has anyone done this, primarily in VA and if so what are the pros and cons of doing so.

@Russell Brazil Thank you very much for the recommendation, I will try to touch bases with him soon.

@Joe Facenda Thank you for your insight! I do have another question for you though. Should I use the money I get from selling the car as part of a down payment for my first place, or should I save it and have 0 down? both situations I'm going to use my VA loan.

I've used the mortgage calculator on Zillow to get an idea for what monthly payments will be, and I've noticed that the 20k only drops the payments like maybe $200. Am I doing my math wrong or does that sound about right? 

@Christopher Lightner Thank you, that's some amazing information. however I'm having issues finding those in NoVA area. The only ones I can find are on loopnet in DC and they are in the millions.

Also I've heard you can calculate the income from renting out the other units of as a means of income to qualify for a loan for one of those. If any one has any information on that please let me know.

what is the address for the BP event in Vienna 

Thank you for your responses,

I plan to use my VA home loan for my first place, so I'm not too concerned with a down payment.

I've kept an eye out for Norfolk for a few months now as a potential investment area. 

Right now I'm working on saving enough for closing costs. Currently I can qualify for 350k home loan. That's at the max of my budget though. 

Good day BP members,

I live in one of the most expensive areas in Northern Virginia (NoVA). I work in D.C. but only make enough money to afford a place 40+ minutes away. Currently I live with my family in Alexandria but they are moving soon and I'm not going with them. I haven't been with my current job too long, and was broke before I had this job so savings is minimal at best right now.

I own a 2007 Corvette C6 which I paid off about a year and a half early, due to my current living situation and job. KBB assessed it at about 20K and I've been completely against selling it, till recently.

After my long winded introduction, my questions for you all are:

Will the 20K be enough to start investing in real estate in my area?

What is the best course of real estate investing in the NoVA area?

What other kind of guidance would you recommend?

I am open to any and all advice from everyone! Thank you for your time and I look forward to what you all have to say!